New York, USA, July 20, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global vehicle exhaust hose market is expected to register a revenue of $760.6 million by 2030 and grow at 4.0% CAGR over the forecast period from 2021-2030. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market, such as growth elements, challenges, restraints, and various opportunities during the predicted timeframe of 2021-2030. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: The increasing demand for efficient fume extraction systems by automobile repair garages to avoid the risks of cancer and other related health issues among workers is the prime factor estimated to drive the growth of the global vehicle exhaust hose market by 2030. Additionally, the growing innovations in vehicle exhaust hoses by key market players is also anticipated to boost the market growth during the forecast period.
Opportunities: Growing research and development activities by market players for effective toxic fume extraction technology along with the rising strategic alliances among them are some factors to offer abundant growth opportunities for the global vehicle exhaust hose market during the forecast period.
Restraints: The growing preference for electric vehicles in countries like Germany, China, and the US is expected to impede the market growth.
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Covid-19 Impact on the Market
The onset of the Covid-19 catastrophe has had an adverse impact on the global vehicle exhaust hose market just like most industries. The rising number of Covid-19 cases across the world led to complete industrial shutdown that greatly reduced vehicle production. Since several manufacturing units of the automobile sector were shut by governments to curb the virus spread, the sales of vehicles also dropped significantly. Moreover, multiple vehicle exhaust hose manufacturers have geared up their research and development activities to implement further innovations and help the market revive its growth post the pandemic stress. However, growing R&D activities by market players for product innovations is predicted to revive the market growth post the pandemic stress.
Segments of the Market
The report has divided the global vehicle exhaust hose market into a few segments based on type, end-use, and regional analysis.
Type: Single Layer Sub-segment to be the Most Dominant
The single layer sub-segment is projected to hold a dominant market share during the forecast years due to its key properties like high compressibility rate, robustness, and great flexibility. In addition, single layer exhaust pipes are mostly manufactured using silicone-coated fiberglass, which is highly resistant to fungus, water, alkali, etc. Moreover, the existence of significant vehicle exhaust hose producers and their innovative offerings is also estimated to uplift the sub-segment’s growth by 2030.
End-use: Commercial Cars Sub-segment to be the Most Progressive
The commercial cars sub-segment of the global vehicle exhaust hose market is anticipated to have the highest growth rate during the analysis timeframe. This immense growth rate is mainly attributed to the rapid industrialization and urbanization associated with the expansion of commercial operations in logistics. Moreover, improving economies across the world along with the increasing demand for enough exhaust extraction systems by buses, coaches, heavy and light commercial vehicles is also expected to propel the sub-segment’s growth.
Region: Vehicle Exhaust Hose Market in the North America Region to Witness Better Growth Opportunities
The market in the North America region is predicted to witness better growth opportunities during the 2021-2030 analysis timeframe due to stringent emission rules in the US and Canada to safeguard the environment from toxic exhaust gases. Moreover, market players’ rising focus on R&D activities and business collaborations to boost their footprint is also projected to bolster the market growth in the North America region by 2030.
Significant Market Players
Some significant vehicle exhaust hose market players include
- Novaflex Group
- Nederman Holding AB
- Air Cleaning Specialists, Inc.
- Eurovac
- Precision Hose & Expansion Joints
- Masterflex Group.
- BISCO Enterprise, Inc.
- Flexaust Inc.
- KEMPER GmbH
- Dayco Products, LLC
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in September 2021, Nelson Global Products Inc., a renowned leader in the manufacturing of thermal management and air and fluid mechanics, announced its acquisition of Tru-Flex LLC, a leading manufacturer of flexible elements for vehicle exhaust hose systems across a wide range of end markets. The latter organization supplies metal hoses, exhaust bellows, etc. for both off-road and on-road commercial vehicle applications.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Vehicle Exhaust Hose Market:
- 4 Types of Vehicle Exhaust Hoses You Should Know About
- Build a Safer Work Environment through Vehicle Exhaust Hose System
- How Do Vehicle Exhaust Hoses Contribute to Creating Safer Work Environment in Industries?
- Global Vehicle Exhaust Hose Market to Boom with Rising Demand for Exhaust Hoses in the Automotive Industry
